Schroders first quarter pretax profit jumps 42%

SarahTurner

LONDON (MarketWatch) -- Fund manager Schroders
SDR, +0.44%
said Tuesday that its first-quarter pretax profit rose 42% to 71.4 million pounds ($91.4 million) in the first quarter of 2006, after asset management profit rose 45% to 49.9 million pounds, private banking profit rose 118% to 3.7 million pounds, and private equity profit increased 171% to 10.6 million pounds. By the end of the quarter, funds under management had risen 4.8% to 128.4 billion pounds, following net business outflows of 200 million pounds. Profitability was strong in the quarter on the back of higher equity markets, a further improvement in margins, increased profits in private banking and gains on investments, the company said.

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